Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia

ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2017.1.85-23
CC BY-SA   Open Access 

Issue archive / 1/2017 (85)
Rola finansowania wewnętrznego w odniesieniu do teorii hierarchii źródeł finansowania na przykładzie małych i średnich przedsiębiorstw przetwórstwa spożywczego
(Th e Role Of Financing In Relation To Th e Th eory Of Peaking Or der Hierarchy On Th e Exampl e Of Sm all And Medium-Sized Enterpr ises From Food Processing Sector)

Authors: Magdalena Mądra-Sawicka
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie
Keywords: food processing compa internal financing order selection of the financing sources SME
Year of publication:2017
Page range:11 (279-289)
Cited-by (Crossref) ?:


The aim of the study is to assess the significance of the financing sources order hierarchy in relation to the level of internal capital in small and medium-sized enterprises from food processing sector. Financial data are from Main Statistical Office in Poland from F-02 form – non-financial corporations. The survey includes data for NACE section 10.0 and 11.0. The surveyed companies were categorized by increasing the level of financial surplus or decreasing deficit of these funds in relation to total assets. Entities with the highest level of financial surplus and the lowest deficits were evaluated in terms of groups PKD, due to the change in the value of equity and debt in relation to the value of assets and due to a level of long-term debt to the fixed assets. In the food-processing companies with a high level of financial deficit noticed higher debt level which determined the increase in assets value. In companies with the high financial surplus, entities conditioned their level of growth with the increase in equity. The results are a continuation study from the field of internal financing of non-financial enterprises, acting in the original value.
Download file

Article file


1.Adomdza, G., Åstebro, T., Yong, K. (2016). Decision biases and entrepreneurial finance. Small Business Economics, 47 (4), 819–834.
2.Agca, S., Mozumdar, A. (2007). Corporate Financing Choices Constrained by the Amount of Debt Firms can Support. Working Paper. George Washington University and Virginia Tech.
3.Bhama, V., Jain, P.K., Yadav, S.S. (2015). Does Firms’ Pecking Order Vary during Large Deficits and Surpluses? An Empirical Study on Emerging Economies. Procedia Economics and Finance, 30, 155–163.
4.Bhama, V., Jain, P.K., Yadav, S.S. (2016). Testing the pecking order theory of deficit and surplus firms: Indian evidence. International Journal of Managerial Finance, 12 (3), 335–350.
5.Brighi, P., Patuelli, R., Torluccio, G. (2012). Self-Financing of Traditional and R&D Investments: Evidence from Italian SMEs. Pobrane z:
6.Chirinko, R.S., Singha, A.R. (2000). Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, 58 (3), 417–425.
7.Daskalakis, N., Thanou E. (2010). Capital structure of SMEs: to what extent does size matter? Pobrane z: or SSRN 1683161.
8.De Jong, A., Verbeek, M., Verwijmeren, P. (2011). Firms’ debt–equity decisions when the static tradeoff theory and the pecking order theory disagree. Journal of Banking & Finance, 35 (5), 1303–1314.
9.Donaldson, G. (1961). Corporate Debt Capacity: a study of Corporate debt capacity. Boston: Harvard Graduate School of Business Administration.
10.Frank, M., Goyal, V. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67, 217–248.
11.Grzywacz, J. (2008). Kapitał w przedsiębiorstwie i jego struktura. Warszawa: Oficyna Wydawnicza SGH.
12.Iwin, J. (2003). Efekt amortyzacji w kształtowaniu struktury kapitału przedsiębiorstwa. Prace Naukowe Akademii Ekonomicznej we Wrocławiu, Zarządzanie finansami firm – teoria i praktyka, 974 (1), 310–322.
13.Jensen, M. (1986). Agency Costs of Free Cash Flow. Corporate Finance and Takeovers. American Economic Review, Papers and Proceedings, 76, 323–329.
14.Kowalski, S. (2009). Rola kapitału w finansowania działalności małych i średnich przedsiębiorstw. W: J. Ostaszewski (red.), Dylematy kształtowania struktury kapitału w przedsiębiorstwie (s. 221–230). Warszawa: Oficyna Wydawnicza SGH.
15.Kubiak, J. (2005). Hierarchia źródeł krótkoterminowego finansowania przedsiębiorstwa. Katowice: Wydawnictwo Akademii Ekonomicznej w Katowicach.
16.Lin, Y.H., Hu, S.Y., Chen, M.S. (2008). Testing pecking order prediction from the viewpoint of managerial optimism: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 16 (1), 160–181.
17.Leary, M.T., Roberts, M.R. (2010). The pecking order, debt capacity and information. Journal of Financial Economics, 95, 332–355.
18.Łuczka, T. (2013). Makro i mikro-ekonomiczne determinanty struktury kapitału w małych i średnich przedsiębiorstwach. Poznań: Wydawnictwo Politechniki Poznańskiej.
19.Myers, S.C. (2001). Capital structure. Journal of Economic Perspectives, 15, 81–102.
20.Myers, S.C. (1984). The capital structure puzzle. Journal of Finance, 39, 575–592.
21.Myers, S.C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5 (2), 147–175.
22.Myers, S.C., Majluf, N. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13, 187–221.
23.Piotrowska, M. (1997). Finanse spółek, krótkoterminowe decyzje finansowe. Wrocław: Wydawnictwo Akademii Ekonomicznej we Wrocławiu.
24.Psillaki, M., Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33 (3), 319–333.
25.Ramalho J.S.J., da Silva, J.V. (2009). A two-part fractional regression model for the financial leverage decisions of micro, small, medium and large firms. Quantitative Finance, 9 (5), 621–636.
26.Watson, R., Wilson, N. (2002). Small and Medium Size Enterprise Financing: A Note on Some of the Empirical Implications of a Pecking Order. Journal Bussiness Finance & Accounting, 29, 557–578.
27.Wilamowska, Z., Wilamowski, M. (2001). Sztuka zarządzania finansami. Cz. II. Bydgoszcz: Oficyna Wydawnicza Ośrodka Postępu Organizacyjnego.
28.Xiang, D., Worthington, A. (2015). Finance-seeking behaviour and outcomes for small- and medium-sized enterprises. International Journal of Managerial Finance, 11 (4), 513–530.
29.Zalewski, H. (1999). Polityka i strategia w zarządzaniu finansami firmy. Gdańsk: ODDK.
30.Zadora, H. (2009). Finansowanie małego przedsiębiorstwa w teorii i praktyce zarządzanie. Warszawa: C.H. Beck.